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Onboarding and verifying clients can be really tough, especially for accountants, lawyers, and financial institutions. The job simply isn’t done when new clients sign on the dotted line; proper onboarding and verification consists of a variety of ongoing processes and critical steps. If any one of these links isn’t strong enough, the whole chain breaks.
It begs the question:
- Why do firms leave such an important aspect of their business to manual, fragmented, and often siloed processes?
- When the risk of fines, reputational harm and regulatory action is so high, why not take action to mitigate that risk?
That's where Binderr's One-click Corporate Verification comes in. In this blog, I want to share how one platform can make your client onboarding faster and more accurate. Keep reading to see how you can streamline your work and keep your business compliant with Binderr.
Corporate structure verification made simple
Onboarding new clients typically requires several individual tools for verifying identities, assessing risks, and gathering necessary information. This approach wastes time and often leads to mistakes as information is lost in disjointed processes and fragmented tech stacks.
Binderr makes it easier by providing an all-in-one solution. Our platform lets you map out a company's entire structure, screen the people involved, and check identities in seconds using data from global databases and registries.
Binderr helps law firms, accountants, corporate service providers, real estate agents, and financial services organisations stay compliant and speed up the onboarding process. Our technology is designed to keep everything accurate and efficient, so you can focus on your clients without worrying about missing any important steps.
Feature deep-dive: One-click corporate verification
Let’s dive into the features that power Binderr’s Corporate Structure Verification:
Corporate unravel
Binderr offers a straightforward way to instantly map out a company's structure. By connecting to live registries all over the world, you always get the latest data available, including details about the structure, shareholders, and involved entities. Simply search for the company, and all the available information appears right away.
You can also easily edit or add any fields, providing complete control over your view of a client's organisation. Additionally, you can move straight to the verification step without leaving the Binderr platform. This seamless process makes Binderr an essential tool for anyone needing accurate and efficient corporate structure verification.
With reliable, real-time data at your fingertips, global business verification becomes simple and efficient.
Screening & verification
I’m particularly proud of how our platform streamlines verification for accountants, lawyers, financial institutions, and real estate agents. Let’s continue our example from above to demonstrate:
So, you’ve mapped your client’s entire corporate structure. Now, you need to run screening and verification next. Typically, you’re looking at a manual, case-by-case process for all involved parties.
With Binderr, you can screen everyone at once, all within one platform. You choose whether you want to screen the whole structure or particular entities.
Our seamless integration of entity verification into the workflow is something I’ve heard from clients makes a huge difference, which is really motivating for myself and the Binderr product team. At Binderr, we believe that verifying IDs shouldn’t take weeks. Our platform verifies all involved parties in seconds, avoiding the slow back-and-forth of traditional methods. By screening against 1000s of global databases, Binderr ensures compliance with absolute confidence.
Customisable task-lists make compliance easy by allowing you to set verification levels based on different factors. Whether you're screening minority shareholders, verifying UBO identities, or requesting proof of address for Directors, Binderr’s inbuilt checklists keep the process quick and thorough.
This feature is a game-changer for businesses, automating verification and ensuring nothing is missed. It makes compliance simple and sets Binderr apart from other singular-point solutions on the market.
UBO identification
Identifying Ultimate Beneficial Owners (UBOs) quickly and easily is crucial for reducing compliance risks. Binderr lets you find and clearly mark UBOs on the Corporate Structure view, making identification effortless.
Our clients love how simple it is to identify UBOs with this feature. It ensures that beneficial owners are always detected, allowing you to perform the necessary checks to stay compliant and avoid penalties. This feature not only streamlines the compliance process but also gives you peace of mind, knowing your compliance duties are fully managed.
In my view, this is a key aspect of Binderr that helps our users maintain complete compliance effortlessly.
Questionnaire branching
Screening can be complex, particularly when dealing with potential red flags such as sanctions lists. This is where, for me, the questionnaire branching feature stands out. It enables the creation of intelligent questionnaires that collect all necessary data without making the client experience overly complicated. Suppose an involved party is found on a sanctions list or identified as a politically exposed person (PEP). In that case, you can set up the questionnaire to automatically prompt for further information and screening.
I love how questionnaire branching simplifies the entire process for your firm and your clients. You can build a single questionnaire that dynamically adjusts to capture all required information. It’s straightforward and efficient. This intelligent approach ensures that you gather all pertinent information while keeping the process smooth and user-friendly from start to finish.
Shareable structures
In my experience, the ability to export and share corporate structures seamlessly is an often overlooked feature with significant impacts on the quality of life for users and the speed of processes for businesses.
With Binderr, you can easily download your mapped and verified structures as PDFs, ready to share with third parties. This avoids the hassle of collecting information from different siloed systems and lets you export information quickly for easy sign-off.
What I especially like about our shareable structures feature is its simplicity. No more relying on tools designed for other purposes to clunkily build out structures, like Word or Excel. Now, you can share corporate structures and questionnaires with just a click—whether by email, a shared link, exportable PDFs, or even in person with your client. This not only makes the sign-off process smoother but also enhances accuracy.
Effortless sign-off with ‘double-lock’ verification
These shareable corporate structures also help you gain swift, smooth sign-off from your clients. Our ‘double-lock’ verification combines live global registry data and your client’s confirmation to ensure due diligence throughout your onboarding, so you can be sure that everything is accurate and compliant.
Our goal is to make your job easier by simplifying the sign-off process, meeting regulatory requirements to ensure compliance, so you can focus on what matters most – serving your clients effectively.
Binderr’s One-click Corporate Verification brings all these features together, creating an end-to-end solution that simplifies client onboarding and all but guarantees compliance. With Binderr, you can focus on serving your clients effectively while we handle the complexities of verification and compliance.
What does this mean for you?
We’ve talked a lot about the technology, features and intent behind Binderr’s corporate structure verification, but when it gets down to the benefits and use-cases, what does this all mean for you and your business?
Automate the back-and-forth
One of the best parts about using Binderr is that it gets rid of the manual back-and-forth so endemic to client onboarding.
Instead of sending countless emails and waiting for replies, everything is automated and kept in one place. Binderr’s platform pulls in data from thousands of global databases and registries, so you get the most accurate information right away, and then allows you to send to clients for sign-off within a platform designed specifically for exactly this use-case.
All you need in one platform
Most current software only handles specific parts of the onboarding process, like single-purpose solutions for checking IDs or gathering involved parties’ information.
Binderr is different because it offers an all-in-one solution. You can manage every step of the client onboarding process within a single platform. This means you can map out corporate structures, screen involved parties, and verify identities all in one place.
Improved workflow and compliance
Using Binderr’s all-in-one system makes your work easier. You don’t switch between different tools or worry about missing steps. Everything you need is there, making the process smoother and more efficient. Plus, Binderr helps ensure that your compliance requirements are met, so you can onboard clients confidently and accurately.
With Binderr, the client onboarding process becomes faster, more accurate, and hassle-free. This lets you focus more on helping your clients and less on dealing with complicated and fragmented systems.
See one-click corporate structure verification in action
Want to see how much a difference Binderr's corporate structure verification could make to your business? Book a demo to see it in action for yourself.
The better way to verify corporate structures
We created Binderr to help professionals like accountants, lawyers, real estate agents, and financial institutions handle client onboarding more efficiently.
We believe that by simplifying this process, you can focus more on your clients and less on paperwork. Binderr makes it easy to stay compliant and keep your work organised, making it a valuable tool for anyone involved in client onboarding.
By Matthew Zammit, Head of Product at Binderr
